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As of 2013, a report from the Australian Security and Investments Commission (ASIC) estimated that Australia has about $80 million of unclaimed life insurance payouts.
This is a relatively small fraction of the $1 billion plus unclaimed money total, and it might be worth checking whether you’re owed any money from any other source. ASIC is the organisation that holds these funds until the rightful owners claim them.
If you think you may be owed money from unclaimed life insurance or other sources, the first step is to make a search on the ASIC unclaimed money register. If you find your name or the name of a family member, then there might be money you can claim.
To claim life insurance payouts you need to contact the relevant insurer or friendly society; you should be able to get their contact details from ASIC. The insurer will then contact ASIC, which will give them the funds to pass on to you.
It can happen more easily than you might think. Superannuation is one of the main areas where money languishes unclaimed, and unpaid life insurance accounts for tens of millions of dollars.
Superannuation typically comes with life insurance, so whenever someone with a super fund passes away, their loved ones might be owed a life insurance payout.
However, life insurance can go unclaimed because:
It generally only takes a few minutes to run a search for unclaimed money life insurance payouts online. If you find any that you are owed, you should contact the insurer, which will contact ASIC within a couple of business days.
After that it will typically take around 28 days for ASIC to release the funds to the insurer, and the insurer will then release the funds to you. Generally you can expect the whole process to take around a month.
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I have been sent a life insurance policy by my ex wife that I took out in 1979 I not sure if it is still applicable. It was with the National Mutual Life Association of Australasia Limited ho do I find out if it still exists.
Hi Ian,
Thanks for leaving a question on our page.
As it says on our page, If you think you may be owed money from an unclaimed life insurance or other sources, the first step is to make a search on the ASIC unclaimed money register. If you find your name or the name of a family member, then there might be money you can claim.
To claim life insurance payouts you need to contact the relevant insurer or friendly society; you should be able to get their contact details from ASIC. The insurer will then contact ASIC, which will give them the funds to pass on to you.
Typically, it takes about 28 days for ASIC to release the funds to the insurer, and the insurer will then release the funds to you.
Hope this helps! For any further questions, feel free to reach out to us again, we’re here to help.
Best,
Nikki